JSW Steel Q2 FY27 Net Profit Surges 225% to ₹5,279 Crore on Record Sales

JSW Steel reported a sharp increase in consolidated net profit for the second quarter of Financial Year 2026–27, supported by record steel sales, stronger operating performance and improved margins despite higher coking coal costs.

The Mumbai-based steelmaker posted a consolidated profit after tax of ₹5,279 crore for the quarter ended September 30, 2026, marking a 225.3% increase from ₹1,623 crore in the corresponding quarter of the previous financial year.

Revenue from operations rose 10.7% year-on-year to ₹54,486 crore, compared with ₹45,152 crore in Q2 FY26. Total income increased to ₹54,927 crore from ₹45,436 crore a year earlier, reflecting continued demand and higher sales volumes.

EBITDA Growth Strengthens Operating Performance

JSW Steel’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 42.2% year-on-year to ₹10,120 crore, against ₹7,115 crore in the year-ago quarter. EBITDA also grew 6% sequentially, supported by higher volumes, although elevated coking coal prices and lower realisations partly offset the gains.

The company’s EBITDA margin improved to 18.6% from 15.8% in Q2 FY26, an expansion of 280 basis points. The improvement indicates stronger operating performance during the quarter, despite continued pressure from input costs.

Steel Sales Reach Record High

Total steel sales reached an all-time high of 7.46 million tonnes, increasing 13% year-on-year and 19% quarter-on-quarter. Sales of flat steel products and value-added and special products also reached record levels, rising 16% and 11%, respectively, from the previous year.

Domestic sales climbed to a record 6.29 million tonnes, up 12% year-on-year and 18% sequentially. Institutional sales volumes increased 15% to 4.15 million tonnes, while sales to the automotive sector surged 36% year-on-year to a record level.

Exports stood at 0.98 million tonnes, accounting for 13% of sales from Indian operations during the quarter. The performance highlights the contribution of domestic demand alongside export activity.

Debt Position and Market Performance

As of September 2026, JSW Steel’s net debt stood at ₹44,482 crore, down ₹1,675 crore from June 2026. Its Indian operations generated revenue of ₹50,188 crore and adjusted EBITDA of ₹9,636 crore, with an EBITDA margin of 19.2%.

Despite the strong quarterly earnings, JSW Steel shares closed at ₹1,187 on the BSE, down ₹31.90, or 2.62%, from the previous close of ₹1,218.90.

The results underline the importance of sales volumes, product mix and operating efficiency in supporting steelmaker profitability, even as raw material costs remain a key factor to watch.